After years of dismissing U.S. energy production as insignificant and expensive, OPEC suddenly said it would “study” the growth in hydraulic fracturing and horizontal drilling, a deceptively bland response to the biggest challenge the cartel has ever faced on its monopoly.

African nations sounded the sharpest warnings because they have been the first to see the impact of our fracking revolution on their exports, which fell 41% in 2012 from 2011. Not a single one of these oil cartel members, nor any country with a state-owned oil company, faces a bright future as U.S. fracking goes on.

What all this shows is that the private sector, operating in a free society, sensitive to consumer demand and innovating a solution, is an even more powerful engine for upending a corrupt global monopoly status quo than even U.S. military might. All signs show that fracking is ending the power of these cartel states.

According to the Manhattan Institute’s report, the fracking moratorium is blocking New York counties from seeing a potential $8 billion in added income over four years. The report zeroes in on 28 New York counties that sit above the Marcellus and compares jobs and income growth in 50 Pennsylvania counties that produce gas.

According to the Manhattan Institute’s report, the fracking moratorium is blocking New York counties from seeing a potential $8 billion in added income over four years. The report zeroes in on 28 New York counties that sit above the Marcellus and compares jobs and income growth in 50 Pennsylvania counties that produce gas.

A recent study by the University of Southern California forecast that the Monterey Shale could yield 2.8 million jobs and $24.6 billion in state and local taxes by 2020 — enough to lift the state’s economy out of malaise.

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